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S.U. Tobler's class


is cash or marketable securities deposited by an investor with his or her broker


If a futures contract is not closed out before maturity, it is usually settled by

Open interest

the total number of contracts outstanding. This equals to number of long positions or number of short positions

Settlement price

the price just before the final bell each day. This is used for the daily settlement process

Volume of trading

the number of trades in 1 day

forward contract

is an OTC agreement to buy or sell an asset at a certain time in the future for a certain price


*Private contract between two parties
*Not standardized
*Usually one specified delivery date
*Settled at end of contract
*Delivery or final settlement usual
*Some credit risk


*Traded on an exchange
*Range of delivery dates
*Settled daily
*Usually closed out prior to maturity
*Virtually no credit risk

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